Siebel leaps over earnings hurdle

MikeTarsala

SAN MATEO, Calif. (CBS.MW) -- Siebel Systems more than doubled both its license and services revenue, as the company beat earnings expectations for its third quarter by 3 cents.

The sales software company's
SEBL
total revenue rose 131 percent to $480.9 million, compared with $208.5 million for the same period in 1999. Revenue from license fees was $300.4 million, compared with $127.7 million in the year-ago quarter. Revenue from maintenance, consulting and other services was $180.6 million, vs. $80.8 million a year ago.

Net income was $71.0 million, or 14 cents a diluted share, compared with pro-forma net income of $27.3 million, or 6 cents a share in the year-ago quarter. Siebel beat earnings expectations of 11 cents, according to First Call.

"It was truly an exceptional quarter," said Tom Siebel, founder and chief executive, following earnings. "It exceeded our expectations in almost every respect."

The company's cash, cash equivalents and short-term investments were $1.1 billion at the close of the Sept. 30 quarter, up from $179.9 million in the previous quarter. Siebel's days sales outstanding in accounts receivable was 66, compared with 74 days in the previous quarter.

During a conference call following earnings, the company announced plans to start selling an updated version of its e-business software suite in the spring or summer.

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